With some common questions being asked within the tax space, hopefully we can create a common home here with responses for most of the usual suspects. I’ve included a few that I came across after some initial reads, but please feel free to link other useful threads in the forum as you come across them!
A large challenge here tends to be the amount of variance that exists between states and how convoluted some of their rules and regulations are. Now, add in purchases and lease transfers across states, etc., and the one commonality always seems to be - the tax man cometh for his $$$ (and also that @AP919 knows most of the answers).
=====
Useful information across a few different states:
=====
Taxes related to moves (surprise, our resident tax expert @AP919 to the rescue again):
=====
Texas trade-In tax credits discussion:
=====
EV sales tax in NJ:
======
Philly City Sales Taxes:
======
Business Write-Offs:
TL:DR; everyone’s situation is different, ask your CPA
=====
Important Note: tax situations and laws can change over time and are different by locality, so while this is meant to be a guide to provide common responses that are perceived to be correct at the time of posting, note that the current local/state laws will always supersede guidance you’re getting from strangers on an internet forum, and that none of us are ultimately your tax lawyer or accountant; please ensure that you verify any information here to ensure that it applies to your situation before taking it as fact.
Also, anything related to tax, whether here under my broker name or under @AP919 is not to be construed as tax advice (sorry, signed in here to post some deals!). Please consult your tax advisor or tax department/department of revenue for official answers. I provide general answers to tax questions here on the forum. Thanks!
state and local tax (SALT) allows deductions upto $10k from income taxes. Does TX car lease tax paid upfront qualify for those deductions? or in that case any car lease taxes when its paid upfront like IL does
